Word: deductables
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...Congress began to ban nonrecourse financing of investments in movies, farming, cattle raising, equipment leasing, and oil and gas drilling. In these deals people now may deduct as losses only the amount that they had personally put up or had at risk. The 1978 tax law extends that at-risk rule to investments in coal mining, master recordings, toy molds, lithograph stones and a host of other rapidly depreciable properties, many of which shelter promoters had dreamed up since the '76 crackdown. In addition the IRS has been taking a much harder look at so-called partnerships lately...
This will add up to the largest tire recall in history, and the company estimates that it will cost up to $230 million - or twice as much as last year's earnings. That may be an inflated estimate, but in any case, Firestone will be able to deduct the expense from its income taxes...
...results of a survey conducted in July for H&R Block, a company which prepares income tax returns, indicates that the plan to allow parents to deduct a portion of college tuition costs from their federal income tax is not as popular as President Carter's plan to increase the number of middle-income families eligible for student grants and loans...
...pending Senate bill would allow parents to deduct up to $500 for each college dependent, with the effective date set for 1980. It also allows a $250 tax credit for each child attending a private elementary or secondary school. The cost of the Senate plan is $2.9 billion...
Moreover, the study group recommended that Congress enact legislation suspending the equal opportunities provision of the Federal Communications Act, "requiring networks to release each week to their licensees twenty 30-second prime-time segments restricted for sale to political candidates during the campaign period," and permitting networks to deduct from gross income "the difference between the actual rates paid by political advertisers and the average commercial rates for comparable time charged during the campaign period...